Dubai has emerged as one of the few global cities experiencing rapid acceleration in its property market growth. According to JLL’s Global Real Estate Perspective, the emirate joins cities like Bangkok, Berlin, Stockholm, Hong Kong, Jakarta, Paris, and Warsaw in witnessing a notable surge in property values.
Over the past three and a half years, Dubai’s real estate market has consistently outperformed many of its global counterparts, driven by significant interest from both foreign investors and residents in the post-pandemic era. This growth has been fueled by the emirate’s relative affordability compared to other major cities like New York, Hong Kong, London, and Paris. As a result, Dubai continues to attract high-net-worth individuals seeking the city’s world-class quality of life, safety, and security.
Property prices in Dubai have recorded double-digit increases during this period, surpassing those of major cities across Europe, the US, the Middle East, and Asia. According to Knight Frank’s 2024 Wealth Report, Dubai was the second-highest performer in 2023, with luxury property prices increasing by 15.9%, making it the second fastest-growing market after Manila.
The continuous growth of Dubai’s real estate market is evident across all sectors, particularly in the end-user market, which has seen a rise in villa and townhouse prices due to limited supply. The city’s luxury properties continue to attract investors looking for premium real estate opportunities, with Dubai’s iconic landmarks, upscale amenities, and luxurious lifestyle offerings enhancing its appeal as a prime destination.
In contrast, the JLL study noted a slowing property market growth in cities such as Brussels, Sydney, London, Amsterdam, Madrid, Milan, and Kuala Lumpur. Additionally, rental declines are being observed in cities like Beijing, Boston, Chicago, and Washington DC, while rents in New York, Singapore, Manila, Shanghai, and San Francisco are beginning to stabilize.
